Updated over 7 years ago on . Most recent reply
Unconventional Strategy ideas needed!
Hello BP! I need suggestions on alternative strategies for the following scenario:
-Purchased a property to flip. Currently loan for $650k with a hard money lender.
-We ran into a few snags with the tenant that was occupying the unit when we purchased the property. Tenant has been evicted.
-Loan is to be paid in full to Hard money lender by Decemeber 2018.
-The market is softening (Oakland, CA), and we are not sure if we can sell this property at $650 as the comps are coming in slightly above $650k.
Please shoot over any ideas that you have as to what we can do to get out of this deal. We do not have the 20% down payment, should we decide to refi into a conventional, which would be great, because we could do a lease option. Please shoot over any ideas you might have, or suggest anyone I can contact in the San Francisco Bay area. Thanks BP!
Most Popular Reply
Ask the hard money lender for an extension, finish the renovation and sell.